Key Takeaways From the INMA Media Subscription Summit
The LaterPay team was in Stockholm in March to attend the INMA Media Subscription Summit. Over the course of two days, we heard from a diverse range of international speakers discussing three core industry questions:
- How can publishers start a paywall?
- How can publishers grow their media subscriptions after early victories?
- What innovation is next when it comes to generating reader revenue?
LaterPay Founder and CEO, Cosmin Ene, joined a panel on New Pricing Models and Experiments during the second day of the show - check back shortly for a separate blog entry on his thoughts on the summit. In the meantime, the team shared their top takeaways from the conference below:
The Europeans are playing the publishing game in a different way to the Americans, due to two factors:
Differences in Ownership and Equity - U.S. newspapers are being bought by larger companies, or are a family owned, and therefore do not operate in the same way.
The EU, and Especially Scandinavia, Is Way Ahead of the Game - while freemium models are common in the EU, and publishers are leveraging data to target more segmented audiences, the U.S. is rapidly catching up and learning from its EU counterparts. Consequently, it would not be surprising if more publishers in the U.S. begin launching freemium models after they find that the metered is not sufficient in terms of revenue generation. This should, in turn, generate greater interest in a more dynamic paywall and lead to publishers gathering data, interpreting information, and ultimately putting the right offers in front of segmented audiences to generate the desired revenue levels.
Finding new ways and models to become profitable is vital for publishers and they are now open to listening to other solutions that are out there, including micro payments and new revenue models.
The digital single copy may well be the next hot trend. Publishers are aware of the opportunity afforded by a 24 hour time pass and are now looking at ways to test that approach.
Contributions have been a success for several publishers - The Guardian being one obvious example – however it took a lot of testing and failures before they came up with the right way to do it. The most effective approach was to solicit users to donate for a cause that matters to them - and to explain that clearly.
Optimizing the user experience is key if you want people to purchase content. Publishers need to understand what it is that is blocking their audiences from purchasing a subscription and then deploy the right action items to drive them down the funnel while also removing the friction in order to make the process as simple as possible.
Find out more about how LaterPay can help you get ahead of the shifting trends in media consumption and user preferences.